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global frozen food market

Frozen Food Market Share, Size, Trends, Industry Analysis Report, By Product (Fruits & Vegetables, Dairy Products, Bakery Products, Meat & Seafood Products, Convenience Food & Ready Meals, Others), By Consumption; By Type; By Region; Segment Forecast, 2022 - 2030

  • Published Date: Jun 2022
  • Pages: 111
  • Format: PDF
  • Report ID: PM1139
  • Base Year: 2021
  • Historical Data: 2018 - 2020

Report Summary

The global frozen food market was valued at USD 252.19 billion in 2021 and is expected to grow at a CAGR of 5.1% during the forecast period. Factors such as the rapidly rising consumer awareness of online retailing, and digitization of the retail industry are driving the market growth during the forecast period.

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One of the key causes driving this industry's growth is online retail. There is a wide range of products accessible, which appeals to the working population. According to Eurostat, more than 25% of the population has purchased groceries from online retailers. This tendency is projected to continue in the long run, boosting industry growth throughout the projection period.

Further, an increase in disposable income, the advent of longer shelf-life goods, and a growing preference for frozen products leading to a shortage of time are all driving the industry. The trend shifted from selling raw commodities such as meat, fish, plants, and fruits to offering prepared meals like frozen vegetable blends, desserts, and bakery items.

The leading product category in this sector was ice cream and cakes. The items have become considerably more accessible and inexpensive for consumers all over the world, thanks to strong support in terms of technological innovation and the benefits of convenience meals. They are now more affordable because of advancements in technology.

However, such a convenience product is perceived as a poor substitute for fresh meals by certain consumers, which is a big disadvantage in this industry. Lower-income consumers prefer fresh meals because they are more worried about the product's freshness. This factor may limit industry expansion during the projection period because fresh vegetables and fruits are preferred over frozen products.

Industry Dynamics

Growth Drivers
The major factors, such as the rising consumption of ready-to-eat meals and packaged products and the rising use of vegan products, are the factors that are driving the market growth during the forecast period. The use of delectable or ready-to-cook processed meals is a key factor driving the market, as it requires minimal preparation before eating. According to the survey by the Eating Better organization in 2020, around 88 % of the adults in the UK eat ready-made meals.

Further, the increasing use of vegan products is a key factor driving the frozen food market growth during the forecast period. Most adults across the globe have reported health concerns due to the change in their lifestyle, which is driving the growth of the industry. The major players in the industry are launches vegan ristorante. For instance, in June 2021, Dr. Oetker announced the launch of frozen pizza in the UK. Thus, the innovations in products and availability of ready-to-eat meals are driving the industry's growth.

Frozen Food Market
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Report Segmentation

The market is primarily segmented based on product, consumption, type, and region.

By Product

By Consumption

By Type

By Region

  • Fruits & Vegetables
    • Fruits
    • Vegetables
    • Potatoes
    • Other Vegetables
  • Dairy Products
  • Bakery Products
    • Breads & Pizza Crusts
    • Other Bakery Products
  • Meat & Seafood Products
  • Convenience Food & Ready Meals
  • Others
  • Food Service
  • Retail
  • Raw Material
  • Half-cooked
  • Ready-to-eat
  • North America (U.S., Canada)
  • Europe (France, Germany, UK, Italy, Spain, Netherlands, Russia)
  • Asia Pacific (Japan, China, India, Malaysia, Indonesia, South Korea)
  • Latin America (Brazil, Mexico, Argentina)
  • Middle East & Africa (Saudi Arabia, UAE, Israel, South Africa)

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Insight by Product

Based on the frozen products segment, the meat & seafood products segment is expected to be the most significant revenue contributor. This is due to the longer shelf life and higher nutritional value of frozen meat products. The demand for these items in established countries such as Germany, the US, the UK, France, and Canada, as well as developing countries in the Asia Pacific and Africa, is boosting the expansion of this segment, which is credited with holding the biggest frozen food market share.

The frozen snacks category is predicted to benefit from a growth in the consumption of French fries and other junk items such as burgers, and wedges, among others. The frozen meal segment is rising due to the availability of frozen meal products in developing countries. Improving palates and increased disposable incomes are driving this sector.

Geographic Overview

Europe had the largest revenue share in the global market. The busy lifestyle of customers is a major driver of the frozen food market growth. Furthermore, these industry competitors are constantly attempting to enhance their market share through effective R&D and product innovation. Furthermore, due to busy lifestyles, the need for ready-to-eat breakfast products has skyrocketed.

Moreover, Asia Pacific is expected to witness a high CAGR in the global market in 2021. Due to consumer acceptance of digital retailing technologies, Asia Pacific sees considerable growth in the global industry. The expansion of the region is further aided by the rising prevalence of cold chain facilities in various emerging countries. Furthermore, in emerging countries, and rise in refrigeration facilities in the retail stores. The industry for urbanization in many Southeast Asian countries is predicted to develop dramatically.

Competitive Insight

Some of the major players operating in the global market include Ajinomoto, Cargill, Conagra Brands, Inc., Europastry S.A., General Mills Inc., Grupo Bimbo, JBS, Kellogg Company, Lantmannen Unibake, Nestle SA, The Kraft Heinz Company, Unilever, and Vandemoortele NV.

Frozen Food Market Report Scope

Report Attributes

Details

Market size value in 2021

USD 252.19 Billion

Revenue forecast in 2030

USD 389.90 Billion

CAGR

5.1% from 2022 - 2030

Base year

2021

Historical data

2018 - 2020

Forecast period

2022 - 2030

Quantitative units

Revenue in USD Billion and CAGR from 2022 to 2030

Segments covered

By Product, By Consumption, By Type, By Region

Regional scope

North America, Europe, Asia Pacific, Latin America, Middle East & Africa

Key companies

Ajinomoto, Cargill, Conagra Brands, Inc., Europastry S.A., General Mills Inc., Grupo Bimbo, JBS, Kellogg Company, Lantmannen Unibake, Nestle SA, The Kraft Heinz Company, Unilever, and Vandemoortele NV.

Key Take-Away
Polaris Market Research
Global Frozen Food Market Size Report, 2022 - 2030